NEW DELHI: Vodafone Idea has approved the deferment of its spectrum auction instalments for four years (October 2021 to September 2025) as per the Department of Telecommunications (DoT) notification on November 14.
The company said other options offered by DoT in the said notification will be considered by its board in the stipulated time frame. “...we wish to inform you that the Board of Directors of the Company has approved the exercise of the option of deferment of the Company’s spectrum auction instalments for a period of 4 years (October 2021 to September 2025),” the company said in a statement to stock exchanges.
The announcement from Vodafone Idea comes after the government last week wrote to telcos including Bharti Airtel, Vodafone Idea and Reliance Jio asking them to convey by October 29 if they would be opting for the four-year dues moratorium.
The telecom department has also given 90-days time to the operators to indicate if they want to opt for converting the interest amount pertaining to the moratorium period into equity. The reliefs were first announced by the government in September when there were wide concerns that Vodafone-Idea, reeling under the statutory dues of billions of dollars, may be left with no other options but to shut its shop in the country. Vi is burdened with Rs 1.9 lakh crore of debt as on June 30,2021— faces Rs 58,254 crore in AGR dues, of which it has paid 7,854 crore.